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New fund manager leverages wealthy connections

Friday 13th of May 2011

Richmond's initial offering will be two fund-of-funds which are modelled closely on the Spencer Group hedge fund portfolio, and Couillault cited the Spencer funds intellectual property for his decision not to disclose the underlying managers.

"We're raising some money in Richmond which will seek to replicate as close as it can the existing Spencer Group portfolio, so Richmond will have a portfolio that looks very similar to the Spencer portfolio. It can't look exactly the same because some of the funds are closed, but it will look as close as it can," Couillault said.

"We're not wanting to disclose the identity of the underlying managers because that's our intellectual property and it's the Spencer Group's access to those managers that makes Richmond have a significant point of difference."

The fund has a minimum initial investment of $25,000 but has no requirements for top-up fees as Couillault said they wanted to market the fund firmly at the retail investor.

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FMA outlines its latest expectations for advisers
Paul Flood: The danger is that the 'goalposts' (regarding what is acceptable or unacceptable adviser conduct) may be susceptible to change. Our 'Principles based' legal/regulatory environment lends itself to “prevalence-induced concept change” over time, perhaps not so much in the written laws and Code, as in the interpretation of the prescribed principles.
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Just a tip, if you use more than six, six letter words in a sentence you lose most Kiwi's. So avoid client/adviser confusion when writing your post or article if you would like it read and understood. Ironically, my last sentence was not likely read.
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FMA outlines its latest expectations for advisers
All things said are great aspirational goals for a great financial advice industry, it mirrors what both the legislation and the code requires. However, like most things discussed it talks about what's expected not how it's done. The hardest aspect of financial advice today isn't what it is, it is how it is done. The how only comes from those that have done it, the how is only provided with examples. Guidance documents that spell out what's required along side how it it done. We’re still dealing with the same issues we started with in 2021, figuring out the how. And figuring out the how in every advice business is consuming resources that could easily be shortcut by the FMA demonstrating what they are expecting. It's not about “do it this way” its about this is the sorts of things we’re looking for. In the absence of standards and expectations, guesswork prevails. That represents significant risk to FAPs and the result is onerous overcooked advice processes for multiple advice operations and undercooked she’ll be right for single operators focused on getting the work done. Both approaches have potential for harm and as its been said earlier, leaves advisers open to explain they haven't been speeding with the authorities have pulled them over. The advice industry needs guidance on the how we know the what already.
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To correct errors in my previous post: "policies, templates, and controls" should read "policies, processes, systems and controls", and "is more conductive" should read "is more conducive".
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